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A former Bank of America derivatives trader who pleaded guilty to conspiring to falsify documents was spared prison on Friday after spending years helping the government probe bid-rigging in the $3.7tril municipal bond market.

Lloyds Banking Group has agreed to pay fines totalling $370m to U.S. and British authorities investigating its part in a global interest rate rigging scandal and manipulating fees for a government lending scheme.

The sentencing of five former aides to Bernard Madoff was delayed until mid-September after a federal judge in New York said 'voluminous' paperwork required a postponement of hearings originally scheduled for for later this week.